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Tungsten miner Almonty Industries (TSX: AII) (NASDAQ: ALM) raised $90 million in its NASDAQ debut on Monday, issuing 20 million common shares at $4.50 each in the public offering. By midday, the stock traded at $4.85 apiece.
Almonty’s Toronto-listed shares fell 14.3% to C$6.70, for a market capitalization of C$1.3 billion ($950 million).
The company, which also trades in Frankfurt, Australia and previously on the US OTC market, initially planned to raise $75 million through the NASDAQ uplisting to fund a tungsten oxide facility in South Korea.
The public offering follows approval from Almonty shareholders earlier this year of relocating the company’s jurisdiction of incorporation from Canada to Delaware to reflect the growing importance of the US market in its strategic positioning.
Tungsten, while a smaller market, is the material of choice for key defense applications such as…
